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CITP » Topics » Results of Operations

This excerpt taken from the CITP 10-Q filed May 12, 2006.

Results of Operations

The following table sets forth the percentage relationship to revenues of certain items included in our unaudited consolidated statements of operations:

 

     Three months ended  
    

April 2,

2006

    

April 3,

2005

  

Revenues

    100.0  %   100.0  %

Cost of services

    76.4     77.2  
            

Gross profit

    23.6     22.8  

Selling, general and administrative expenses

    18.8     16.6  

Restructuring and integration costs

    —       2.1  

Stock based compensation expense

    0.4     0.3  

Depreciation and amortization

    1.2     1.5  
            

Operating income

    3.2     2.3  

Interest expense and other expenses, net

    2.2     2.4  

Income tax expense

    0.1     —    
            

Net income (loss)

    0.9 %   (0.1 )%
            

Billable headcount at end of period

    5,014     4,794  
(1) In connection with the merger, we adopted Venturi’s fiscal accounting periods. Accordingly, our first fiscal quarters for 2006 and 2005 ended on April 2, 2006 and April 3, 2005, respectively.
This excerpt taken from the CITP 10-K filed Mar 17, 2006.

Results of Operations

The following table sets forth the percentage relationship to revenues of certain items included in our consolidated statements of operations:

 

     Fiscal Year Ended (1)  
    

January 1,

2006

    

January 2,

2005

    

December 31,

2003

  

Revenues

    100.0 %   100.0 %   100.0 %

Cost of services

    76.4     75.8     75.6  
                  

Gross profit

    23.6     24.2     24.4  

Selling, general and administrative expenses

    17.9     18.2     19.2  

Restructuring and integration costs

    0.7     2.4     0.2  

Stock compensation expense

    0.2     1.6     —    

Depreciation and amortization

    1.4     3.3     4.8  
                  

Operating income (loss)

    3.4     (1.3 )   0.2  

Interest expense and other expenses, net

    2.7     11.8     11.2  

Loss on early extinguishment of debt

    0.3     0.7     —    

Income tax expense (benefit)

    0.1     (1.2 )   0.2  
                  

Net income (loss)

    0.3 %   (12.6 )%   (11.2 )%
                  

Billable headcount at end of period

    5,002     4,888     2,867  
(1) Historically, Old COMSYS’ fiscal year ended on December 31st, while Venturi’s fiscal year ended on the Sunday closest to December 31st. In connection with the merger, we adopted Venturi’s fiscal year-end. Accordingly, our fiscal year-end for 2004 was January 2, 2005 and for 2005 was January 1, 2006.
This excerpt taken from the CITP 10-Q filed May 6, 2005.

Results of Operations

 

The following table sets forth the percentage relationship to revenues of certain items included in our consolidated statements of operations:

 

     Fiscal quarter ended(1)
  
     April 3,
2005
     March 31,
2004
  

Revenues

    100.0 %   100.0 %

Cost of services

    77.2     76.5  
    
 

Gross profit

    22.8     23.5  

Selling, general and administrative expenses

    16.6     18.7  

Restructuring and integration costs

    2.1     —    

Stock based compensation expense

    0.3     —    

Depreciation and amortization

    1.5     4.5  
    
 
     20.5     23.2  
    
 

Operating income

    2.3     0.3  

Interest expense and other expenses, net

    2.4     17.2  

Income tax expense

    —       —    
    
 

Net loss

    (0.1 %)   (16.9 %)
    
 

Billable headcount at end of period

    4,794     2,835  
(1) Historically, Old COMSYS’ fiscal quarters ended with calendar quarters, while Venturi’s first three fiscal quarters were each equal to 13 calendar weeks (ending on a Sunday). In connection with the merger, we adopted Venturi’s fiscal accounting periods. Accordingly, our first fiscal quarter ended on April 3, 2005.

 

14

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EXCERPTS ON THIS PAGE:

10-Q
May 12, 2006
10-K
Mar 17, 2006
10-Q
May 6, 2005

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